Free-Fall in Bullions Amid Weak Inflation Data...

DAILY MCX BULLETIN FOR 14 FEBRUARY 2024

Free-fall continues in Bullions...

Gold - Gold crashed sharply and breached its all crucial supports in the last trading session. Now Gold has near support around 61400 and upside resistance around 61850. Break and sustain below 61400 will take it towards 61200 and then to 61000 levels. Any upside move will expect on an hourly close above 61850 levels.

Silver- Silver erased all intraday gains and slipped sharply in the last trading session. Silver has near support around 69500 and upside resistance around 70200 levels. Break and sustain above 70200 will expect an upside move till 70500 levels. A fresh upside move will be expected on a daily close below 70500 levels.

Metals moves around crucial support level…

Zinc- Zinc again fell sharply from the days high and closed on a negative note in the last trading session. Now Zinc has near support around 206 and upside resistance around 210. Break below 206 will test 204 and then to 202 levels.

Copper - Copper too closed on a weak note in the last trading session. Now Copper has next support around 705 and upside resistance around 712 levels. Break and sustain below 705 will test 700 levels for the day.

Crude Oil still shines but Natural Gas shows no signs of reversal…

Natural Gas - Bloodbath continue in Natural Gas and we will expect more downside on the daily chart. Now Natural Gas has major support around 144-145 and upside resistance around 152. Break and sustain above 152 will test 156-160 levels for the day. Fresh reversal will expect on a daily close above 160 levels.

Crude Oil - Crude Oil again performed well and achieved our targets in the last trading session. Now Crude Oil has near support around 6380 and near resistance around 6520 levels. Break above 6520 will test 6570-6600 levels. Buy on dips around support will be a good strategy for the traders.

Daily Top Pick (14/02/2024)

Buy Natural Gas on dip around 144 for the upside target of 149 and then to 152. Stop loss below 138.

*T&C Apply…